Your gifts to CMU are fully deductible for federal income tax purposes, subject
to the limitations placed on charitable gifts. For residents of the state of
Michigan, your gifts also qualify for a credit against your tax bill. These
illustrations demonstrate potential tax savings, but please check with your
financial advisor on how your gifts may affect your specific tax situation.
Individual*
|
Amount of Gift |
$100 |
$500 |
$1,000 |
$2,500 |
|
Federal Deduction |
($25) |
($125) |
($250) |
($675) |
|
Credit from Michigan |
($50) |
($100) |
($100) |
($100) |
|
Federal Tax on Credit |
$13 |
$25 |
$25 |
$25 |
|
After Tax Cost of Gift |
$38 |
$300 |
$650 |
$1,800 |
Married filing joint return*
|
Amount of Gift |
$100 |
$500 |
$1,000 |
$2,500 |
|
Federal Deduction |
($25) |
($125) |
($250) |
($625) |
|
Credit from Michigan |
($50) |
($200) |
($200) |
($200) |
|
Federal Tax on Credit |
$13 |
$50 |
$50 |
$50 |
|
After Tax Cost of Gift |
$38 |
$225 |
$600 |
$1,725 |
Federal tax liability is adjusted
for decreases in the Michigan Tax Deductions.
*Based on 25% tax bracket (Effective through 12-31-06)
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